Digital currency is still in its early stages, and as it evolves, we can expect many changes and innovations in how they are created, distributed, and used. Two of the most significant innovations that will likely change the way we think about cryptocurrency are central banks creating a form of digital fiat currency (so-called central bank digital currencies or CBDCs) and the advent of blockchain technology, which is changing the way transactions are validated.
Steami, a blockchain startup that is one of the founding members of the Swiss Association for Crypto Valley, has announced that their cryptocurrency, which is pegged to the Swiss Franc, will remain operational even if the Swiss Central Bank launches its own digital currency, the so-called “e-franc”. As the main goal of CBDCs is to provide an alternative to cash and central bank deposits, Steami’s CEO, believes that these two currencies can coexist, as CBDCs will not replace deposits, but will be used to trade on financial markets in the same way as foreign currencies.
The CEO of Steami, a London-based payment start-up that provides a cryptocurrency exchange with low-cost cryptocurrency trading, has said that central bank-issued digital currencies do not need to be issued as a direct competitor to conventional cryptocurrencies. Steami CEO, Anton Savin, said: “Central bank digital currencies (CBDCs) do not have to be issued as a direct competitor to existing cryptocurrencies. The idea is that central banks would issue a digital currency based on a DLT (Distributed Ledger Technology) platform.. Read more about new cryptocurrency and let us know what you think. Summary of the situation
- Bitcoin and CBDC can coexist.
- Bitcoin crashed after Tesla stopped paying in BTC.
Streami’s co-founder and CEO confirmed that CBDC will exist alongside other cryptocurrencies. Junheung Lee is the co-founder of this Seoul, South Korea-based blockchain company, which is responsible for running the Asian country’s largest cryptocurrency exchange. Gopax, an established exchange platform, also claims that digital currencies issued by central banks (CBDCs) and cryptocurrencies will coexist. This information was revealed in today’s press release, which outlined the reasons why they believe the two programs will co-exist.
Junheung Lee pointed out that cryptocurrencies have features that CBDC cannot compete with. He also noted in the interview that cryptocurrencies, such as bitcoin, have applications that may differ from central bank digital currencies. Lee notes that central bank payments in digital currency range from paying taxes to paying for goods and services. The main purpose of bitcoin is to be a store of value, allowing it to compete with treasury bills and gold. Bitcoin (BTC) cannot compete with digital currencies or fiat currencies issued by central banks. According to the co-founder of Streami, bitcoin and CBDC can coexist. It will act as a usable repository of value that is guaranteed by a blockchain-based smart contract application so that more people around the world can access it.
Bitcoin’s price change will not affect its fundamentals
Lee also talked about the volatility of BTC and said that the constant change in the value of this crypto currency will not affect the fundamentals. He also added that Bitcoin has strong principles. Changpeng Zhao is the CEO of Binance, one of the most popular cryptocurrency exchanges by number of transactions. Zhao spoke to LEE and said that CBDC and different cryptocurrencies will coexist for a short period of time. According to Zhao, central bank digital currencies differ from traditional cryptocurrencies for many reasons. One aspect that sets them apart is that CBDCs do not offer the freedom that conventional cryptocurrencies do. But they have no limit to the final delivery. According to Zhao, these aspects could deter cryptocurrency investors who have entered the market for the same reasons. He also noted that the CBDC will have more control over the deputies. These are the key features that users value. Much of the cryptocurrency and bitcoin market collapsed after Elon Musk announced that Tesla would stop accepting payments for BTC until miners find a sustainable energy source. According to the statement, the BTC/USD exchange rate has lost about 25.49 percent of its value in the past seven days, to $42,703.32.Last month, I interviewed Steami’s CEO, who told me that the conventional cryptocurrencies such as bitcoin and ether are the “savings accounts” that people use to store their money, while the CBDCs such as Steami’s token are the “checking accounts” where people can access their money to carry out day-to-day financial transactions. He also said that the CBDCs will be used for more than just small transactions because they are not divisible and slow to transfer.. Read more about how much are bitcoins worth and let us know what you think.
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